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RFID in Healthcare Market Future Scope and Latest Trends Analysis Report

04-03-2024 01:55 AM CET | Advertising, Media Consulting, Marketing Research

Press release from: InsightAce Analytic Pvt.Ltd

/ PR Agency: InsightAce Analytic Pvt.Ltd
RFID in Healthcare Market Future Scope and Latest Trends

RFID in Healthcare Market worth USD 17.30 Billion by the year 2030- Exclusive Report by InsightAce Analytic

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Value-Based Healthcare Services Market By Product (Systems & Software And Tags), Application (Asset Tracking, Patient Tracking, Pharmaceutical Tracking, Blood Tracking And Others)- Trends, Industry Competition Analysis, Revenue and Forecast To 2030."

The global RFID in healthcare market is estimated to reach over USD 17.30 billion by 2024-2030, exhibiting a CAGR of 15.38% during the forecast period.

Get a free sample copy of the report: https://www.insightaceanalytic.com/request-sample/1419

Using RFID tags that are usually affixed to things, radio waves are used in radio-frequency identification (RFID) technology to transfer data, which is then used to track and identify individuals. Applications like blood, asset, and patient tracking are where they are used primarily. RFID technology is increasingly used in the healthcare industry to track assets and patients in developed and emerging economies.

RFID technology for drug screening and detection will gain popularity as counterfeit pharmaceuticals become more prevalent. By using this technique, waste may be reduced, and needless costs may be avoided.
Furthermore, significant research and development efforts will be made to create innovative technologies that support the use of RFID. Increased demand for radio-frequency identification technology (RFID) in pharmacies, hospitals, and biotech companies, as well as the growing usage of automated processes in these settings, are the main reasons propelling RFID in the healthcare sector.

The increasing use of computerised processes in pharmacies and hospitals and the growing public demand for more reasonably priced and high-quality medications are other significant factors. Additionally, growing demand from developing nations and increased R&D in the healthcare sector would present new prospects for radio-frequency identification technology (RFID) over the forecast period.

List of Prominent Players in the RFID in Healthcare Market:

Logi-Tag Systems
Cardinal Health, LLC
Terso Solutions
Hurst Green Plastics Ltd
CenTrak, Tagsys
Zebra Technologies Corporation Impinj, Inc.
MetraTec GmbH
Palex Medical SA

Market Dynamics:

Drivers-
The market will increase faster than average throughout the forecast period because of the spike in demand for RFID systems from hospitals, pharmaceutical and biopharmaceutical firms, medical device makers, and other life sciences firms looking to reduce inventory costs. Organizations can manage their stock and avoid instances when inventory and stockouts are oversupplied. They also make real-time data management possible to stop theft and loss of inventory. Better inventory management is made possible by systems with RFID functionality, which increases operational effectiveness.

Challenges
The higher installation costs of RFID systems in healthcare and system interoperability are two factors that would likely restrain the growth of the healthcare RFID industry. Any industry adopting RFID must invest significantly in readers, tags, software, electricity, and operating replacement services. The cost of an RFID solution is increased by extra features like IoT connection, system accuracy testing, and training fees.

Regional Trends:

The North American RFID in the healthcare market is expected to register a significant market share in revenue and is projected to grow at a high CAGR shortly due to the region's increased use of automated processes in hospitals and pharmacies, as well as the existence of advanced healthcare infrastructure. Using active RFID tags and the availability of reliable healthcare infrastructure will bode well for regional expansion. RFID technology will gain momentum in the US as it improves hospital care services.

Besides, Asia Pacific had a substantial share of the RFID in the healthcare market due to improvements in healthcare infrastructure, rising investments in the industry, and regional market trends. Due to the increased government emphasis on implementing breakthrough technologies and the best treatment options from developed countries, countries like China and India are also advancing the fastest.
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Recent Developments:

• In August 2021, cost-effective RFID labels into the healthcare market by SATO and Xerafy. Through its selection of RFID-enabled printers, it might offer asset management transparency and real-time traceability.

• In February 2021, Impinj announced the shipment of approximately 50 billion tag chips and 3 million reader ICs and readers. RAIN RFID, according to the business, will assist raise inventory, labor efficiency, and omnichannel functioning.

Segmentation of RFID in the Healthcare Market-
By Product-

• Systems & Software
• Tags

By Application-

• Asset Tracking
• Patient Tracking
• Pharmaceutical Tracking
• Blood Tracking
• Others

By Region-
North America-

• The US
• Canada
• Mexico

Europe-

• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe

Asia-Pacific-

• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific

Latin America-

• Brazil
• Argentina
• Rest of Latin America

Middle East & Africa-

• GCC Countries
• South Africa
• Rest of Middle East and Africa

For More Customization @ https://www.insightaceanalytic.com/customisation/1419

Contact Us:
InsightAce Analytic Pvt. Ltd.
Tel.: +1 718 593 4405
Email: info@insightaceanalytic.com
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About Us:
InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions.
Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses.
We help clients gain a competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets, and repositioning products.
Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.

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